The fastest and easiest way to stake your $KILT is by using the specially created wallet Sporran and the KILT skateboard staking platform.
The Sporran Wallet can be used to store KILT Coins and to sign and submit KILT blockchain transactions. In addition, beginning in early December, users will be able to utilize Sporran to store credentials and construct a digital identity, similar to how you would add credentials such as your driver's license to your physical wallet.
You could even create many identities, such as your job identity with all of your qualifications, your gaming identity with your ranks, and so on. Sporran allows you to manage and sign transactions on the KILT blockchain using these digital identities. This is intended to give you back control over your data when you provide it to any services. You can download the wallet extension on Google Chrome and Firefox.
Step 1 – Create Your Sporran Wallet
To get started with the creation of your Sporran wallet, or KILT Identity as the team refers to it, you’ll need to add the extension to your browser. Next, open up the extension and agree to the terms and conditions (after carefully reading them, of course).
Please note, if you already have an account on another device, you can add it by selecting “Import identity from pre-existing phrase”.
If this is your first time using the wallet, you will be shown a secret key phrase. You must write down the phrase somewhere secure (and preferably offline), and keep it safe. As this will be the only way to restore your wallet and access your funds. If you lose your wallet phrase, all assets within that wallet will be lost.
Once you have written down the phrase, select “Next Step”. You will be asked to fill out the phrase in the correct order to confirm the creation of your account. Select “Next Step” once again after completion to continue. You will now be asked to fill-out a password. Insert the password of your preference and select “Next Step” once more.
You have now completed the process of setting up your wallet. The image above (right side) shows you how the dashboard should look.
Now, to proceed with staking, fund your wallet by selecting “Receive” on the dashboard, copying the address and sending your $KILT from any other exchange or wallet to your Sporran wallet. It can take a couple of minutes for the $KILT to show up in your wallet.
Step 2 – Let’s Start Staking!
Once your wallet is funded, you can start staking your $KILT! Go to: https://stakeboard.kilt.io/ and connect your Sporran wallet extension (this is an automatic process and doesn’t require you to take any steps).
Agree with the terms & conditions, and the dashboard should look like the one in the image below.
Please keep in mind that to participate in staking on Stakeboard you need a KILT Identity (wallet address) with at least 20 KILT Coins. As you'd also need some KILT for transaction fees, we'd recommend having at least 20+1 KILT in your wallet for staking.
Validators are called collators on KILT, and a full overview of all of them can be found here: https://stakekilt.com/.
Find the collator address of your choice, and copy it to the search balk on Stakeboard. Select the collator by clicking on the name.
Next, the staking option will appear. Select from which address you’d like to stake and fill out the number of $KILT to stake. To finalize, select “Stake” on the right-hand side.
Skateboard will now ask you to confirm your stake, select “Confirm”, then sign the transaction in the Sporran wallet extension (which will automatically pop up). Fill out your password and select “Sign Transaction”, and there you have it. You’ve now staked your $KILT.
- To check your transaction, have a look at the explorer Spiritnet.
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the failure of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.